Marine Engines Market New Revenue Pockets:
The global marine engines market size is projected to grow from USD 11.8 billion in 2020 to USD 13.7 billion by 2025; it is expected to grow at a CAGR of 3.1% from 2020 to 2025. The key factors driving the growth of the marine engine market include growth in international marine freight transport, growth in maritime tourism, and increasing adoption of smart engines for situational awareness and safety.
The marine engines market has promising growth potential due to increasing global maritaime trade in key market regions and large-scale investment in marine freight transport, tourism, and adoption of smart engines. Globally many countries have suffered heavily due to the ongoing COVID-19 pandemic and resultant economic slowdown. With the countries reopening and resuming international trade the demand for maritime freight transport is expected to increase and result in growth opportunities for marine engines market.
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The marine engines market, by power range, is segmented into up to 1000 hp, 1001 – 5000 hp, 5001–10000 hp, 10001–20000 hp, and Above 20000 hp. During the forecast period the above 20000 hp is expected to grow at the fastest rate. Typically, marine engines of above 20000 hp find applications majorly for very large vessels, which include large bulk carriers, cargo vessels, containerships, defense vessels, LPG carriers, LNG carriers, and other large vessels. With the growing demand for large maritime vessels due to their economic operation and ability to carry large cargo, the demand for above 20000 hp marine engines is expected to grow.
The marine engines market, by fuel, is segmented into heavy fuel oil, marine diesel oil, marine gas oil, intermediate fuel oil, and others. The marine diesel fuel segment is expected to grow at the fastest rate during forecast period. Although the heavy fuel oil is the popular fuel for marine engines, the increased stringent regulations and IMO regulations curbing the use of heavy fuel are expected to aid the market growth in marine diesel oil segment.
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Asia Pacific is expected to account for the largest market size during the forecast period.
Asia Pacific is estimated to be the fastest-growing market for marine engines during the forecast period. Asia Pacific includes China, Japan, South Korea, India, Australia, and Rest of Pacific. Asia Pacific region is one of the global leaders in manufacturing and exports its goods overseas via marine transport. The region also global leader in shipbuilding industry both in terms of exports and imports. It is considered to be a lucrative region for maritime trade. Countries such as China, Japan, and South Korea are considered as the main manufacturing hubs for marine engines. Over the past few years, this region has witnessed rapid economic development as well as the growth of the manufacturing and energy sectors, thereby resulting in an increase in the maritime trade. The rise in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide.
Key Market Players:
Hyundai Heavy Industries (South Korea), Caterpillar (US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan), and Volvo Penta (Sweden). The leading players are adopting various strategies to increase their share in the marine engines market.